Car-Admiral sells German car insurance business

Admiral has sold AdmiralDirekt, the group’s car insurance operation in Germany, to Itzehoer Versicherung, for £4.4 million.

The company says it remains focused on continuing the profitable growth of its UK operations and on building businesses in Spain, Italy, the US and France.

Insurance contracts generated by AdmiralDirekt and underwritten by the group in 2011 will be fully reinsured by Itzehoer, and will be transferred to the new owner once court and regulatory approval have been secured.

Last month, Admiral launched, L’Olivier, its French direct insurance operation, saying that it expects to make a modest start with small initial volumes, as it learns more about the French market and developing its model.